Ethereum price jumped above the USD 2,100 level and cleared USD 2,200. ETH is gaining speed and could rise further above the USD 2,220 level.
- Ethereum is showing many positive signs and recently broke the USD 2,200 resistance.
- The price is trading above $2,150 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support near $2,190 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue its rally if it breaks the $2,220 resistance zone.
Ethereum Price Rises 5%
Ethereum price remained well bid after settling above the USD 2,000 level. ETH gained bullish momentum and managed to overcome the USD 2,120 resistance. The bulls even pumped it above the $2,200 level, like Bitcoin above $40,000.
A new multi-month high was formed near USD 2,229 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $2,147 swing low to the $2,229 high. A connecting bullish trendline is also forming with support near $2,190 on the hourly chart of ETH/USD.
Ethereum is now trading above $2,180 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,220 zone.
The first major resistance is around the $2,250 level. The next resistance is at $2,320. A clear move above the USD 2,320 level could send the price towards the USD 2,450 resistance zone.
Source: ETHUSD on TradingView.com
The next resistance is near USD 2,500, above which the price could aim for a move towards the USD 2,650 level. Any further gains could trigger a wave towards the $2,800 level.
Are dips supported in ETH?
If Ethereum fails to clear the USD 2,220 resistance, it could initiate a downward correction. The initial downside support is near the $2,190 level and the trendline.
The next major support is $2,165 or the 76.4% Fib retracement level of the upward move from the $2,147 swing low to the $2,229 high. The main support is now near USD 2,120. A downward break below $2,120 could trigger a steady decline. The key support is now at $2,050, below which there is a risk of a move towards the $2,000 level in the near term.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $2,165
Major resistance level – $2,220
